Press Releases

Board of Supervisors Approve Consensus Recovery Plan Agreement

County Executive Office - Press Release

COUNTY OF ORANGE

Board of Supervisors
  FOR IMMEDIATE RELEASE
September 7, 1995

Board of Supervisors Approve Consensus Recovery Plan Agreement: Other Pool Participant Committee Gives Their Approval

(Santa Ana, CA) - At a special Board of Supervisors meeting this morning, Board members gave unanimous approval to the Consensus Recovery Plan Agreement with the Investment Pool Participants Committee, which contains the legal terms that detail the Consensus Recovery Plan. "The agreement is one of two important steps toward finalizing the Consensus Recovery Plan representing countless hours of negotiations with representatives of pool participants," stated Board Chairman Gaddi H. Vasquez. "We are very pleased with the agreement and the progress that has been made locally. The remaining step is now to get enabling legislation passed in Sacramento."

The Consensus Recovery Plan which was adopted in concept over the past several weeks by the Board of Supervisors, OCTA, the League of Cities and the Orange County Business Council. The agreement is a legally binding document that all parties have agreed to adhere to throughout the implementation of the workout plan. "We have submitted the necessary legislation required to implement the Consensus Recovery plan which mirrors the agreement that has now been approved, stated Jan Mittermeier, County Executive Officer.

The County's next priority is to secure legislative and gubernatorial approval of the tools needed to effectuate the Consensus Recovery Plan.

*Note: Copies of the Agreement are available upon request or at the County Hall of Administration, Third Floor.